Aaaaaaaand, they're back!
The recession was rough on nearly everyone, but the nation's finances are improving, and statistics are showing an upward trend.
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Average credit scores nationwide are at 700, as of April 2017
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Over the next 5 years, about 6 million people will say bye-bye to their bankruptcies on their credit reports, and will be eligible to buy a house again
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Housing market inventory will remain tight for years to come
What IS a Boomerang Buyer?!
A Boomerang Buyer refers to those who previously owned a home and lost it for a number of reasons but are now rejoining the homeowner market. It could have been because they were late 60 days or more on their mortgage payments. They could have lost their mortgage due to a foreclosure, short sale , or other non-satisfactory closures. In these cases, it means the borrower was unable to pay back their loan and stepped away from it. Boomerang buyers could have also made mortgage modifications.
Over the next few years, about 6 million previous homeowners will be able to re-enter the housing market because their bankruptcies will disappear from their credit. This process has already started and will hit its peak this year.
Back in 2010, the number of non-business bankruptcies hit a high of about 1.1 million filed. This was the highest point during the financial crisis.
So what does this mean? Click here to read more and find out.
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Richard Lytle
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On Q Financial
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Senior Mortgage Consultant
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NMLS #65839 / NC#I-123754(910) 833-1943
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www.TheRichardTeam.com
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*Information curtsey of Richard Lytle, On Q Financial
